SEMHF - Siemens Healthineers Offers More Than Just Acquired Growth And Synergy Opportunities

• Siemens Healthineers has completed its financing needs for the Varian deal, with slightly less equity dilution and lower debt costs than I initially expected.
• The Varian deal is a significant positive move for the company, but the company has notable organic drivers as well, including new MRI and CT systems with clear performance advantages.
• Mid-single-digit core revenue growth, EBITDA margins in the low-to-mid-20%'s, and high single-digit FCF growth can support today's valuation, but the shares don't stand out as particularly cheap.

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